Recently, the Bank of England published a report on lending figures to SMEs in the UK. The data shows that bank lending to SMEs has reduced from £6bn (Nov 2011 – Oct 2012) to £3.7bn (Nov 2012 – Oct 2013). However this funding only includes information from 19 lenders (which were not specified) and does not include other types of funding such as equity and the popular crowd-funding (e.g. Crowdcube).
More recently however, The Bank of England said that net lending by banks who are taking part in its Funding for Lending Scheme had increased 300% during Q3 this year. This is encouraging news for SMEs, startups and high-growth companies, although according to John Longworth, CEO of the British Chambers of Commerce, it is still difficult for cash strapped businesses to access finance.
To find out more about funding options for your business, visit www.businessfunding.co.uk.